CRAIG Whyte last night confirmed his purchase of a majority shareholding in Rangers in a statement to the Stock Exchange.

The Scots tycoon has acquired Sir David Murray’s 85.3 per cent of shares in the Scottish champions for the sum of £1.

The deal was finally completed last night following six months of negotiations after being ratified by the Takeover Panel. Whyte had already reached agreement with main creditors Lloyds Banking Group in March and it is expected the club’s debt of around £20million will be wiped out as part of the deal.

The completion of the takeover ends Murray’s association with Rangers after more than 22 years.

The statement said: “Wavetower is pleased to announce that it has today acquired 92,842,388 ordinary shares, representing approximately 85.3 per cent of the issued share capital in The Rangers Football Club PLC for a consideration of £1.

“Wavetower acquired its interest in the Club from Murray MHL Limited.

“The Acquisition would ordinarily have required Wavetower to make a general offer in cash under Rule 9 of the Takeover Code to all other shareholders in the Club but, as the consideration paid by Wavetower for the shares acquired is £1, the Takeover Panel has granted Wavetower a dispensation from making such an offer.

“Wavetower intends to post a circular to the Club’s shareholders by May 16, containing background information on Wavetower and other relevant information. Wavetower intends to maintain the Club’s listing on PLUS Markets for a minimum of 12 months from the date of this announcement.

“Wavetower is 100 per cent owned by Liberty Capital, a company which is ultimately owned by Craig Whyte.”

The deal will be welcomed by Gers boss-in-waiting Ally McCoist as he prepares for his first campaign at the helm when Walter Smith quits at the end of the season.

McCoist is likely to be handed a £10m summer transfer kitty to strengthen the squad and make contract offers to key players such as Allan McGregor and Steven Davis.

The statement added: “Craig is a lifelong Rangers supporter and is very much looking forward to guiding and assisting Rangers in its development over the coming years.”

The news will come as a relief to boss Smith, who admits he has been sick of takeover talk and wants the focus back on his players as they close in on the title.

Rangers play host to Hearts this afternoon, one point clear of Celtic with three fixtures to go, and Smith now wants his team to be totally free from any distractions.

Asked about Murray’s imminent departure from the club after 22 years, Smith said: “We have reached the stage where we would like to concentrate on the football.

“Hearts are always difficult to overcome and Dundee United have won at Ibrox, so they’re difficult.

“To be honest, I didn’t think we would get in this position, but we’re in it.

“We’ve been there the last couple of seasons, so I hope we can have a repetition of the last couple of years.”